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NovaStar Financial asked to explain jump in stock price
The New York Stock Exchange asked NovaStar Financial Inc. to explain any developments that might have precipitated a 69 percent jump in its stock price Monday.The Kansas City-based subprime mortgage lender responded publicly that its policy is not to comment on unusual market activity.The company's stock price leaped $1.36 Monday, closing at $3.33, after more than 7.2 million shares changed hands -- about six times the stock's normal volume over the last three months.Shares of NovaStar began 2007 at $106.60, after adjusting for a reverse stock split. Read more